Hines and Chancerygate have secured a senior development loan from Investec Bank to fund a speculative urban logistics development in Oldham.
The facility has been structured to support the delivery of a new 166,500 sq ft multi-unit urban logistics scheme, delivered through a joint venture between Hines and Chancerygate, with Chancerygate acting as development manager.
Tom Griffiths, from Investec Real Estate, said: “This latest facility demonstrates Investec’s ability to support Hines and Chancerygate across multiple projects and capital requirements, providing funding solutions that help maintain momentum from acquisition through development and stabilisation. For Oldham, Investec’s understanding of sponsor priorities and delivery considerations enabled a pragmatic structure that supports efficient execution of a scheme designed to meet strong regional demand for well-located industrial space.”
Ryan Craig, chief financial officer at Chancerygate, added: “Investec’s deep sector knowledge and ability to execute reliably continues to add value across the development pipeline. Their approach to structuring finance is aligned with delivery realities, and this facility supports the timely delivery of a scheme that responds to sustained demand for high specification, energy efficient urban logistics accommodation in Greater Manchester.”
